Feb. 2, 2015 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported for the third quarter of 2015, net earnings of $7.8 million, or $0.71 per diluted share, compared to net earnings of $6.8 million, or $0.61 per diluted share, in the fiscal third quarter of 2014. Net sales for the third quarter ended December 27, 2014 decreased from the third quarter ended December 28, 2013 by 4.5%, or $21.5 million to $456.2 million. The decrease is attributable to a sales volume decrease of $32.3 million partially offset by favorable sales mix and higher selling prices of $10.8 million. A major portion of the lower sales was due to a $12.4 million reduction in Canned Fruit sales as a result of the second short pack in a row. During the quarter ended December 27, 2014, the Company recorded a gain of $5.0 million related to a contractual payment received in connection with the closing of a Midwest plant which is included in other operating income in the Unaudited Condensed Consolidated Statements of Net Earnings.